North Carolina Association of Student Financial Aid Administrators & North Carolina State Education...
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Transcript of North Carolina Association of Student Financial Aid Administrators & North Carolina State Education...
Student Financial Aid
Attending School 2017-2018
Or2018-2019
Academic PreparationDoes the campus have my major?Campus ClimateIs this campus a good fit?Financial PreparationCan I afford to go to this college?Do I have any money saved?What will the net price (cost minus financial aid) be?Check out each campus’ Net Price CalculatorMore information at studentaid.ed.gov
Going to College is Exciting!
• Tuition• Required Fees• Room• Meals (Board)• Books & Supplies• Transportation• Personal & Miscellaneous• Loan Fees
Financial Aid Basics• Gift Aid – Grants & Scholarships• Self Help – Employment & loans• Merit-Based Aid • Need-Based Aid• Family is primarily responsible for
educational expenses• Annual application
Cost of Attendance (COA) at Institution -Expected Family Contribution (EFC)Eligibility for Need-Based Funds at
Institution
A family’s ability to pay must be evaluated in an equitable and consistent manner while recognizing special circumstances that may alter a family’s ability to pay. The FAFSA is used for this purpose for federal student aid programs.
Basic Principle of Financial Aid
General Eligibility Requirements for Federal Student Financial Aid
• Regular student enrolled in a eligible program at an eligible college as a regular student
• Have high school diploma or equivalent or complete a homeschool program approved under state law
• Be a US citizen or eligible noncitizen• Have a valid Social Security number• If male, must be registered with
Selective Service
General Eligibility Requirements for Financial Aid
• Not be in default on federal loan• Not owe a repayment on a federal grant• Not have property subject to lien for
debt owed to US• Not have been convicted or pled no
contest to a crime involving fraud in obtaining federal aid funds
• Not have borrowed in excess of annual or cumulative loan limits
• Make satisfactory academic progress
• Free Application for Federal Student Aid (FAFSA) – fafsa.gov
• College Scholarship Service Profile Form–collegeboard.com
• Institutional Financial Aid Application• Scholarship Applications
Common Financial Aid Forms
Free Application for Federal Student Aid (FAFSA)
• Students and at least one parent whose information will be listed on the FAFSA need to sign electronic documents using the FSA ID.
Apply for your FSA ID before completing the FAFSA
Which year’s FAFSA do I need?Enrolling for this term Use this FAFSA
Spring 2018 2017-18 FAFSA
Summer 2018 Check with your campus – you may need the 2017-18 FAFSA or the 2018-19 FAFSA
Fall 2018/Spring 2019 2018-19 FAFSA
• Dependent student:Student and parent(s)
• Independent student: Student (and spouse if married)
Who Provides information on the FAFSA?
• Student Demographics• School Selection• Dependency Status• Parent Demographics• Financial Information (both the student and
parent(s)• Signature and Confirmation
• Name must match Social Security Administration records
• Correct and valid SS#
• Date of Birth must match Social Security Administration records
• Gender (at birth)• Permanent address
Student Demographics
• U.S. citizen or U.S. National• Eligible Noncitizen
– U.S. permanent residents– Citizens of Freely Associated States, Federated States of
Micronesia, Republics of Palau and Marshall Islands– Asylum Granted– Parolee for at least one year– Refugees– Victim of Human Trafficking– Battered immigrants-qualified aliens– Conditional entrants– Cuban-Haitian entrant
• Eligible categories may change, so always check at fafsa.gov
Citizenship Requirements
• Students who are citizens or eligible noncitizens can still receive federal and state financial aid
• Parents who are not citizens should– Include their income and assets on the
FAFSA– Use nine zeros as their Social Security
numbers
I’m a citizen, but my parents . . .
Born before 1/1/1994 (for 2017-18 FAFSA)Born before 1/1/1995 (for 2018-19 FAFSA)
Graduate or Professional Student
Provide the support for your own children or other dependents
Active Duty or Veteran
If you answer “No” you are dependent for financial aid purposes
Any time since age 13- Both parents deceased- Dependent or Ward of
the Court
In foster care any time age 13 or older
Emancipated Minor
Has a legal guardian other than parent or stepparent
Unaccompanied youth who are homeless or at risk of homelessness
If you answer “No” you are dependent for financial aid purposes
What is your parent’s marital status as of the day you complete the FAFSA?• Married or Remarried• Never Married• Divorced or Separated• Widowed• Unmarried and both parents living
together
Parent Marital Status
• Biological or adoptive parents married to each other
• Biological or adoptive parents who are not married to each other and are living together
• A single parent who is widowed or never married
• Separated/Divorced parents not living together – list the parent with whom the student lived most often – include stepparent information if the parent has remarried
• Don’t forget your stepparent’s information
Who are your “FAFSA” Parents?
• Student• Student’s parent(s)• Parent(s)’ other children if they will
receive more than half of their support from the parent or would be considered “dependent” if they filed a FAFSA
• Other people who now live with the parent(s) and who will receive more than half of their support from the parent(s) and will continue to receive that support
Household Information
Parent and Student FAFSA Information
• Student’s Adjusted Gross Income, earnings from work, tax liability - from IRS form
• Untaxed Income• Other financial information• Asset Information – including
– Cash, savings, checking accounts– Other real estate and investments– Business (Small family business – not reported)– Investment Farm (Family farm – not reported)
• Students and parents provide information about taxable and untaxed income and benefits when filing the FAFSA
• Some tax filers may transfer data directly from the IRS using the IRS Data Retrieval Tool (IRS DRT)
• Not all tax filers are eligible to use the IRS DRT• Using IRS DRT is the easiest way to provide income information on the FAFSA
Student and Parent Income Information
• If you, your parents, or anyone in your parents’ household receive benefits from any of these federal programs, you may not need to provide a lot of income information on the FAFSA
Means-Tested Benefits Questions
Supplemental Security Income MedicaidFree or Reduced School Lunch SNAPTANF WIC
Special Circumstances• Unable to provide parental
information• Student is instructed to complete the
FAFSA with his/her financial information – submit it without parental information – and then to contact the Campus Financial Aid Office for further instruction
Common FAFSA Errors • Mismatch on parent and student names, Social
Security numbers, and dates of birth• Misreporting divorced and remarried parental
information• Missing some income earned by parents or
stepparents• Missing some untaxed income• Misreporting U.S. federal income taxes paid• Household size errors• Number of household members enrolled in
college
• Student Aid Report– Includes an estimate for Federal Pell
Grant and Federal Direct Loan eligibility– Links to College Navigator for detailed
information about the institutions selected, including graduation, retention and transfer-out rates
• Campus financial aid office gets your information
After you submit your FAFSA
FAFSA Day across the state in OctoberMany campuses hold special days for
local students to complete the FAFSA with their help.
FAFSA Help
• Apply Early (as soon after October 1 as possible)
• Meet your college’s deadlines• Do not wait until you are admitted• Complete all questions accurately• Save your FAFSA answers for your own
records • Save your Confirmation Page for your
own records
Additional Tips
RESIDENCY DETERMINATION SERVICE (RDS)
Overview
• A uniform process for determining NC residency used for in-state tuition and NC grant eligibility.
• There are three ways a student can access RDS: Directly on the RDS website at www.ncresidency.org Through the CFNC admissions application Through 3rd party admissions applications the UNC campuses may use – a
link to RDS is included on the admissions application
• Residency is usually based on parents’ domicile and not the student’s. Students should be prepared to provide information such as parent and student social security numbers (or other identifiable number), residence information, tax return information, vehicle registration, driver’s license and other residentiary specific information.
Residency Determination Service (RDS) Reconsideration and Appeal Reconsideration and Appeal
– Reconsideration
• May request at any time and up to 3 within 90 days
• Complete reconsideration if initially provided incomplete or inaccurate information, failed to submit documentation, or had a change in living situation
– Appeal process
• Only have 10 days to submit a notification of appeal from the date of your determination
• Have an additional 25 days to complete process after the notification to appeal
• Two types of appeal
o RDS Appeal – first level appeal
o SEAA Appeal – final state-wide level appeal
RDS Resources
– Side-by-Side FAFSA and RDS Completion Tool– Appeal Process Fact Sheet– Appeal Process Fact Sheet Spanish– ncresidency.org – FAQ– The documents above, and many more, can be
found at: https://www.cfnc.org/rdsresources– RDS Call Center Toll-free 844-319-3640• Email: [email protected]
• Federal Grants• State Grants• Institutional Grants and Scholarships• Scholarships and Grants from other organizations• Federal Loans – remember that loans must be
repaid• Alternative Loans – remember that loans must be
repaid• Learn more at studentaid.gov or CFNC.org
Types of Financial Aid
*If not eligible for the Subsidized loan, you can borrow this amount in Unsubsidized loan.Independent students in the 1st & 2nd year can borrow an additional $4,000 Unsubsidized Loan . Independent students in the 3rd & 4th year can borrow an additional $5,000 Unsubsidized Loan
Grade Level Subsidized* Unsubsidized Annual Limit
1st Year Undergraduate
$3500 $2000 $5500
2nd Year Undergraduate
$4500 $2000 $6500
3rd and 4th Year Undergraduate
$5500 $2000 $7500
Federal Direct Loans
• Post 911 GI Bill • Check with office designated to work
with veterans on campus
Other Federal Programs
• College Payment Plan• Private Student Loans• Other Personal Loans• Don’t Get Hooked
Financial Aid Programs
• Amount of gift aid offered?• Requirements for scholarships?
• Is the scholarship renewable?• Requirements for institutional grants?
• Is the grant renewable?• How much remains to be paid after gift aid?• What is the process for obtaining a Federal
Work Study position?• What amounts and types of student and
parent loans are recommended?
Evaluating Your Financial Aid Award Letter
• Estimated Cost of Attendance• Disclaimers about the aid offered• A reminder to report the receipt of
other financial aid you expect to receive• List of action/steps you must take to
complete the process• Terms and conditions that apply to your
financial aid offer
Information You Might Find On Your Financial Aid Award Notice
• Verification• Special Circumstances
- Death- Disability- Divorce/Separation- Loss of Employment- Unusual Medical/Dental Expenses- Other
Additional Information
Questions?